BANKS WANT CASH! Passing on higher financed offers

By
Real Estate Broker/Owner with REVOLV Real Estate Broker MA & RI

BANKS WANT CASH! Passing on higher financed offers

I had a VERY strong Buyer 20% down and $5000.00 non refundable, the bank rejects the offer and takes a cash offer $35,000.00 LOWER!! This is why Hard Money Lenders or HELOC give the investor a HUGE advantage.

Thoughts ?



Denis DaSilva Broker Associate REALTOR®, e-PRO®, LMC®, CDPE®, REOTRANS PLATINUM CERTIFIED®

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Comments (3)

Larry Bergstrom
Crescent Realty, Inc. Spanaway, WA. - Spanaway, WA
CNE, CRS, GRI

Money talks, B. S. walks. I'm quite certain that in today's environment that banks don't want to deal with financing issues.

I've never had an agent present an offer on 1 of my listings and say "this buyer is marginal, and we really haven't made application yet."  They usually paint a different picture.

Cash is king in this market.

Sep 22, 2009 02:02 PM
Gina Tufano
Ask Gina & Company with Pearson Smith Realty - Sterling, VA
Ask Gina & Company, Northern Virginia Real Estate

Sounds like your client put their best foot forward. And yes, I have seen a fair share of my buyers lose deals to lower offers that were all cash deals. Especially on short sales and foreclosures in the under $350,000 range. My only advice is for you to continue to stand by your client and emphasize to them that to be patient and not get hopes up too quickly about a property from the get-go. Good Luck!

Sep 22, 2009 02:04 PM
Moshe Cohen
Valuation Solutions - Morristown, NJ
PhD

Good information! Thanks

Sep 22, 2009 02:27 PM